The potential for Shiba Inu (SHIB) to experience a significant price surge of up to 85% hinges on the market performance of Dogecoin (DOGE). Both SHIB and DOGE collectively dominate 62% of the meme coin market cap, with DOGE standing out as one of the top ten largest cryptocurrencies by valuation, surpassing assets like Cardano and Tron.
Market analysts believe that Dogecoin’s strong market position could act as a catalyst for Shiba Inu’s growth. If Dogecoin continues to exhibit positive market sentiment, SHIB could potentially follow suit, sparking investor confidence in a bullish breakout in the near future.
Prominent crypto analyst Ali Charts has predicted that if SHIB mirrors Dogecoin’s recent performance, its price could soar to $0.000049, marking an 85% increase from its current level.
In terms of technical analysis, Dogecoin’s price surge has breached key Fibonacci retracement levels, with the asset currently hovering near the 0.786 Fibonacci level at $0.41, a critical resistance zone. Analysts suggest that if Dogecoin maintains its current momentum, its price could reach the 1.0 Fibonacci level, signaling further potential gains. On the other hand, Shiba Inu’s chart indicates the 0.5 Fibonacci retracement level nearing $0.0000226.
Recent price trends have showcased a contrast between Dogecoin and Shiba Inu. While Dogecoin experienced fluctuations but ultimately ended with a positive change after starting at around $0.3679, Shiba Inu faced challenges, dropping by 3.60% and maintaining a negative trajectory throughout the day.
This divergence in price action underscores the current dynamics between the two tokens. While Dogecoin has demonstrated resilience, Shiba Inu’s struggle to gain momentum raises concerns about its immediate future.
It’s important to note that the information provided in this article is intended for informational and educational purposes only. It does not constitute financial advice, and readers are advised to exercise caution and conduct their own research before making any investment decisions.